March 27, 2020
Brittany Square, a 49,004-square-foot retail center in Glendale, has traded for the third time in the past few years. This time, the shopping center sold for $6,300,000, or $129-per-square-foot, with 69% occupancy at close, and a 7.6% cap on actuals.
Retailers include Walmart Neighborhood Market, Starbucks, Chase Bank, Goodwill, O’Reilly Auto Parts, and Circle K. The 5.23-acre site at 67th and Peoria avenues has ample on-site parking.
KW Commercial’s Tom Kolb represented the unnamed buyer. Orion Investment Real Estate’s Nick Miner advised the seller.
The seller obtained the property in October of 2018 in a deal arranged by Miner, and has renegotiated several leases with tenants, extended and increased the occupancy and property value. Miner says, “This is the third time I’ve sold this property. Even with the uncertainty in the financial markets, transactions are still getting completed. This opportunity still worked before and will work after we get through the next few weeks relating to macro events.”
The buyer is purchasing the property to keep it as a long-term leased investment, and plans to occupy a portion of the property for its medical related business.
For comments, questions or concerns, please contact Dennis Kaiser